May 10, 2022 20:21

NDFI Rejects ICCIMA Proposal to Repay Forex Debts at Low Rates

Over the years companies have appealed to the NDFI to clear their forex debt either at the same rates when they had borrowed or at the least accept the equivalent in rials. Both offers have been dismissed by the powerful lender

The National Development Fund of Iran has rejected a proposal by private companies to resolve repayment of currency arrears at lower rates.
To put an to the NDFI’s struggle to collect its past debts, the Iran Chamber of commerce, Industries, Mines and Agriculture (ICCIMA) earlier in the week urged the NDFI to let loan defaulters repay their debt at rates much lower than the market.
In a press statement posted on its website, head of the public relations department of the sovereign wealth fund said the proposal if accepted would undermine NDFI financial clout.

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